Jeanne Cronin and Zeev Douek of Q10 New York Realty Advisors have arranged a $15,500,000 permanent loan on an 80-room limited service hotel near the Jacob Javits Convention Center.
The loan was a cash-out refinance of over $3 million at a fixed interest rate for the term of the loan.
Hotel management had recently changed flags and the property was going through a transition period.
The loan was placed with a local bank and closed in six weeks from the signing of the term sheet and 4 business days after the issuance of a commitment.
According to Cronin, “The lender went above and beyond in addressing the borrower’s needs, particularly with the scheduling of the fast-paced closing.”